Global Pump and Compressor Market to Grow at 5-6 CAGR Until 2027, says Beroe Inc.

RALEIGH, N.C., Sept. 7, 2021 /PRNewswire/ -- Worldwide, the pump and compressor market valued at $80.5 billion is slated to increase at the rate of 5-6 CAGR by 2027.

Of the total growth in the production and equipment market including the pump and compressor market, 78 percent growth alludes to pumps. This market caters to mostly the manufacturing, oil, and gas sector apart from the wastewater and chemical industries. Despite the market structure being fragmented, sales of these products continue to be driven by efficiency and advanced technology apart from strong demand from the rental, reusable, and repair market.

Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE.Ai: https://www.beroeinc.com/beroe-live-ai/ 

Production equipment market trends reveal that pumps and compressors continue to be manufactured in countries including France, Germany, Italy, and the United States. However, high import tariffs coupled with higher labor costs and fluctuating raw material prices and exchange rates have impeded the production equipment industry in the American market. Today, dominant emerging production bases include Mexico, Egypt, Algeria, Singapore, Hong Kong, and Japan.

Humongous investments in the wastewater treatment, chemical, and power industry drive the Asia Pacific market. With the American energy sector expected to go up in a few years, the production equipment outlook fueled by a growth in the pump sector looks positive. However, the production equipment market analysis does not include the demand for these products alone. An assessment of the products' costs is necessary to ascertain the movement of the global production equipment market. The impact on the price is determined by myriad factors including raw materials, labor, electricity, and other overhead expenses.

Covid-19 has had an unprecedented impact on the business sector including port shutdown, resulting in widening of the supply-demand gap by October 2020. Raw material prices have come down along with decreased material movement. However, there has been no significant change in the labor gap, thus, implying that the industry would not fall short of labor post the pandemic.

The Beroe report also includes an overview of bearings as well as hydraulic and pneumatic components. Valued at $ 112 billion in 2019, the bearings market is expected to grow at a pace of 8-9 percent by 2025. Comparatively, the value of the total pneumatics market was not more than $ 42.9 billion and is expected to go up at an annual rate of 5-6 percent until 2024. Heavy industries like the automotive, heavy industries, consumer durables, railways, and aerospace are the end-users of the bearings market. Sourcing is done from markets worldwide.

The cost structure of the bearings market reveals how it has gone up and down with the prices of raw materials procured globally. Raw materials constitute nearly 48-55 percent of the total cost of manufacture of bearings while remaining factors including production labor cost, indirect cost, energy cost, and other miscellaneous expenses affect the pricing of the bearings worldwide.

The rate at which hydraulic components are priced according to the costs of the raw materials is dependent on the condition of the global economy and crude oil prices. Raw materials make up 40-60 percent of the price of the hydraulic components while the remaining price is made up of other factors.

Key Findings:

• The global supply chain has been affected owing to slow supplies compared to demand.
• There are postponements of international trade shows and major roadshows due to the Covid-19 impact.
• Top manufacturers of hydraulic components are unable to respond to global demand.
• The delivery time to cater to demand has increased considerably.
• There are palpable issues raised by OEMs and suppliers.

The report from Beroe includes:

• Global and regional market overview
• Covid-19 impact
• Demand-Supply gap
• Logistics problems
• Cost analysis
• Raw material price forecast
• Key supplier profiles

About Beroe:

Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions — leading to lower costs, greater profits, and reduced risk. Beroe has been providing these services for more than 15 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies. For more information about Beroe Inc., please visit https://www.beroeinc.com/. 

Contact:
Debobrata Hembram
[email protected] 

SOURCE Beroe Inc.